Crude oil prices maintained their upward momentum on Monday as the United States and Iran agreed to a halt in recent military hostilities.
The development aims to preserve an interim peace deal that had been threatened by renewed attacks, though market participants remain cautious about the durability of the truce.
The agreement comes after a period of heightened geopolitical risk that had previously weighed heavily on global risk sentiment.
Asian equity markets opened with mixed signals, reflecting the complex interplay between relief at the de-escalation and ongoing uncertainty regarding the broader geopolitical landscape.
While the immediate threat of expanded conflict has receded, investors are closely monitoring the implementation of the ceasefire.
The US dollar remained strong, trading near recent highs, as safe-haven demand persisted alongside the energy market's reaction to the supply-side risks.